The development of natural gas fields such as the Haynesville Shale has created a natural gas revolution, and the positive benefits extend beyond the padsites and wellheads in the field.
The American Chemistry Council estimated in a study that increased shale gas production will lead to $5.4 billion in capital investment and 35,000 permanent jobs in Louisiana.
The domestic chemical industry relies on natural gas to produce heat and power and as the primary raw material to create products that go into thousands of everyday items. As the second-largest chemical-producing state, with 23,000 industry employees, Louisiana is positioned to take advantage of the lower feedstock costs that result from new supplies of domestic natural gas.
The expected $5.4 billion in new investments includes expansions of existing petrochemical plants and re-starting idled facilities. In addition to creating thousands of jobs, these investments should generate $19.2 billion in chemical industry output, $2.3 billion in wages and $399 million in state tax revenues.